Trading mortgages has become like trading housing policy futures, says Western Asset Mortgage...

Trading mortgages has become like trading housing policy futures, says Western Asset Mortgage (WMC) CIO Stephen Fulton, only half-jokingly. Like most mREIT managements, Western downplays the risk of radical FHFA policy changes. Similar to AGNC, the firm continues to find value (presentation) in less-likely to be refinanced lower loan balance mortgages.